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In one of the most sweeping changes on Wall Street in decades, Goldman Sachs and Morgan Stanley, the last two independent investment banks, will become bank holding companies, the Federal Reserve said Sunday night.

The move fundamentally changes one of the mainstay models of modern Wall Street, the independent investment bank. It heralds new regulations and supervisions of previously lightly regulated investment banks. It is also the latest signal by the Federal Reserve that it will not let Goldman or Morgan fail.

The only people unemployed right now are the unemployable and those unwilling to work for what they are worth. When a GM worker with a 9th grade education loses a $120k job pushing a button in a factory and he is unwilling to work for anything less than that, he is hardly "unemployed". Yet he is counted in the unemployment rate.

Now, even though the fundamentals are strong, what we are doing right now is going to severely slow down the economy. Making the taxpayers pay to fund failed private businesses is going to flush the fundamentals down the toilet.